The Reviews Are In

Any company that has multiple entities and/or stores would see an immediate benefit, as Prophix has the ability to slice and dice the financial and non-financial data on any dimension (whether it's company code, store code, etc.) Multiple entity reporting is extremely easy, and also very flexible. Our organization has 140 stores in 1 entity, and 3 other entities that don't have stores. With Prophix we are able to generate reporting that gives us both consolidated and consolidating financials with 1 click.

Prophix is well suited for companies that develop budgets at the line item level. It is also well suited for forecasting and developing different scenarios. Prophix is a robust, versatile system for people who like to get into budget details and develop custom reports. Prophix support has been very responsive. Every staff person has been genuinely nice, knowledgeable, and helpful. We use the Customer Support Program, which is costly, but it has been worth it so far.

Budgeting and planning of personnel is made easy with tax calculations done in the background by Prophix, requiring only rate updates annually. Prophix makes it easy to plan for staffing changes, without needing to recreate basic data. Companies needing to create multiple scenarios for various reasons can easily do this. There is no need to create the set-up from scratch. You are able to build upon previously created versions or scenarios easily. This is a great time saver. Once you select the scenario you would like to use as your plan, it is easily saved and applied to reporting. Workflows are easy to set up and maintain in Prophix.

Everyone can benefit from utilizing the features within Prophix. The only limitations are the creativity of your mind. Key questions to ask during the selection process include understanding the training that occurs during implementation. Prophix is focused on making this a product that is expandable by the end user, meaning users don't have to contract professional services every time a new model is desired. Understanding from the competition what is required to expand the use of models is a key differentiator in this space. Companies that encourage end users to take full ownership of the product provide more ultimate value. If necessary, Prophix can assist with model expansion, but they want the end user to be able to be self sufficient, if that is desired. Another key question to understand in the selection process is the amount of IT involvement. Prophix can be a product wholly owned by the finance office. Required IT involvement in using or creating new models within Prophix is extremely low, which allows finance to be self sufficient and provide value to the business without relying on the IT department for support.

Prophix is great once you have the model built and want to run different scenarios. The tool can easily copy data, tweak a few inputs, and re-run in minutes. The better your company is setup for divvying out responsibilities by departments, the easier it will be to use the workflow functionality.